re: Caesars could be exploring a sale, Fertitta in exclusive talks for $7B purchase

quote:

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How mismanaged does a company with multiple casinos have to be in order to accrue 20 BILLION dollars in debt??


Money laundering

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CEOs and others often extract value from companies by claiming big paydays after a financial movement

For example, a restaurant chain will sell the land the franchise owned with the restaurants. Then claim a big payday.

Another common category of CEO fraud was rampant as companies expanded into China. The Chinese would demand the intellectual property in return for access. The CEO would agree because shareholders would increase the stock value and their options would pay out. The board of directors would typically be in on the scam and turn a blind eye to the company interest. The CEO and board depart with gold parachutes. The Chinese use the cheaper labor and stolen tech to compete against the company and the stockholders and employees are left holding the bag.

There's probably fraud with the perpetrators too connected to face appropriate punishment (such as prison).

Please